Bill Paves Way for Cheaper Conveyancing
Local State MPs have welcomed the Newman Government's moves to make conveyancing more affordable for Queenslanders.
Mr Seath Holswich, State Member for Pine Rivers, said legislation to join a national electronic conveyancing system was introduced into State Parliament this week.
"The Electronic Conveyancing National Law (Queensland) Bill 2012 will bring benefits to Queensland businesses and the public," Mr Holswich said.
"This Bill will allow Queenslanders to benefit from participating in a national electronic conveyancing system, and will ensure they enjoy lower costs and more certainty that settlement will take place as scheduled."
"In some cases settlement delays can result in the forfeiture of deposits, but e-conveyancing avoids delays in settlement due to errors in documentation, saving time, inconvenience and additional costs of removal, storage and accommodation."
"The costs for solicitors and financial institutions to use the electronic lodgment network will be less than the cost of existing charges such as bank cheques and fees for couriers and settlement agents."
Mr Trevor Ruthenberg, State Member for Kallangur, said the introduction of the Bill formed part of the Newman Government's plan to make doing business and buying property in Queensland more affordable.
"I'm delighted that this cost savings measure has been introduced. This is great news for the business sector and property buyers in the Kallangur and Pine Rivers community," he said.
"Participating in the national e-conveyancing system would extend the benefits of Queensland's highly effective land titling system."
"The national system recognises that many financiers and businesses operate nationwide and that land transactions may involve people in another state or territory."
"The new e-conveyancing system involves an online ‘hub' which can be used throughout Australia to create land titling documents, such as mortgages, and digitally lodge them into the appropriate land registry in any state and the Northern Territory."
Minister for Natural Resources and Mines, Andrew Cripps, said the system will also cater for the electronic financial settlement of conveyancing transactions and payment of associated state duties and lodgment fees.
"Queensland's legislation mirrors that of New South Wales, which has been established as the host jurisdiction with other participating states and the Northern Territory adopting nationally consistent legislation," he said.
"The proposed legislation does not change Queensland's substantive land laws as the system relates only to the settlement and lodgment aspects of conveyancing."
"Use of the system will be completely voluntary and the paper-based process for conveyancing transactions will continue to be available."
"National e-conveyancing will be implemented gradually, commencing in Victoria in about April 2013 and is expected to be available in Queensland in late 2013."